“Mining” supports industrial production in Saudi Arabia … reached the highest level in 19 months

The index of the quantities of industrial production in Saudi Arabia rose 10.3% last November, compared to the same month in 2020.

The increase in industrial production on an annual basis is the result of an increase in production in mining and quarrying activities of 10.4%, “the weight record of this indicator is 74.5%.

And the level of mining and quarrying in November is the highest in 19 months, that is, since it hit 147.2 points in April 2020, when Saudi Arabia brought oil production to a level record of more than 12 million barrels per day, according to Al-Newspaper Eqtisadiah.

The Kingdom has pledged to reduce oil production starting in May 2020, as part of the “OPEC +” alliance to support markets when they were hit by the Corona pandemic.

The growth in industrial production recorded in November is the seventh consecutive since May of questyear, as it had contracted in the previous 12 months from May 2020 to April 2021 due to the repercussions of the Corona pandemic.

The industrial production index reached 124.2 points in November, the highest level in 19 months, that is, since it reached 135.2 points in April 2020, and the second highest level in three years.

In addition, the production of manufacturing activity also increased by 9.7% compared to the same month of 2020, as the Corona virus pandemic had led to a reduction in production activities. in many factories during 2020.

Production in the electricity and gas supply business increased by 11.9% compared to the same month of 2020, knowing that the weight of tale activity in the index is “2.9%”.

On a monthly basis, the industrial production index in November 2021 increased by 2% compared to the previous month due to an increase in production in mining and quarrying activities of 1.2%.

Manufacturing activity also increased by 6% compared to October of the same year. Production in the electricity and gas supply business recorded a decrease of 9.6%, with a slight impact on the industrial production index due to its low weight.

The industrial production index is an indicator that measures relative variation and reflects the development that occurs in the production quantities of materials and goods, given the time difference. in related to it is called the base year, and the time that measures the extent of change in it is called the year of confrontation.

Read More About: Business News